More than 160,000 people are expected to gather at Churchill Downs in Louisville, Ky., Saturday to watch the most exciting two minutes in sports — but just because you don’t live in the Bluegrass State doesn’t mean you can’t celebrate the Kentucky Derby in true Southern fashion.

“It is the race of all races,” Patricia Altschul, a former NYC socialite and the breakout star of Bravo’s hit reality series “Southern Charm,” tells The Post.

It’s no surprise she has such enthusiasm for the Derby. It does, after all, combine two of her biggest passions: horses and drinking.

“I actually rode up until 20 years ago,” says Altschul, who’s famous for always having her “medicine” — a martini — in hand on the series, which stars son Whitney Sudler-Smith, former “Real World” cast member Cameran Eubanks and disgraced politician Thomas Ravenel. “I’ve rescued many horses. I even had little appaloosa minihorses, and they pulled a cart. I used to go around Centre Island in Long Island with my two little horses pulling me in a cart. They’re darling.”

Although she’s only been to the Derby twice, Altschul, 74, has hosted countless soirees for the annual race at her sprawling 9,500-square-foot estate known as the Mikell mansion in downtown Charleston, SC, which has been featured in the pages of Architectural Digest. “It’s a fun Southern thing, because I can serve my favorite cocktails!” she says.

Not that Altschul’s parties always go off without a hitch. In 2006, she hosted a get-together in celebration of the Preakness Stakes. Barbaro, a Triple Crown hopeful after winning the Derby two weeks prior, broke his leg coming out of the gate — an injury that proved fatal . “It was very sad,” she says.

For Altschul, throwing the perfect Derby party is a process that begins in March when she sends out the invitations. To exude true Southern hospitality, she advises hosts to forgo modern conveniences such as e-mail and Facebook, and to send handwritten invitations to guests instead. She recommends hosting the event between 6 and 8 p.m. “Most people drink, chat and nibble until it’s actually time for [the horses] to go to the gate. The race is short-lived, and then afterward they go back to drinking and nibbling.” (Post time for the race is 6:24 p.m., and it airs on NBC.)

“Southern Charm” star Patricia Altschul’s floral arrangements include roses — a nod to Kentucky Derby nickname the Run for the Roses.Anne Wermiel (2)

When it comes to attire, Altschul keeps the fuss minimal and simply instructs guests to wear “Derby attire” on the invitations. “Then people can interpret it any way that they want,” she explains.

Some people serve [juleps] in a glass, which is blasphemous.

- Patricia Altschul

For women, this typically includes a white or pastel dress, while men don seersucker suits and bow ties. And skip the hats for indoor parties. “A lot of Southern women don’t like to wear hats inside, because we all have big hair!” Altschul quips.

March is also the time for Altschul to secure a caterer for the event.

Although New Yorkers in their small apartments can probably manage without hired help, there is one essential accessory for those looking to throw an authentic Derby party: silver julep cups.

The Southern charmer uses a Lewis Ice Bag and mallet for properly crushed ice for the beverage, and says you should plan on purchasing a pound of ice per guest. “The worst thing possible is to run out of ice, especially if you’re making mint juleps. That would be disastrous!”

It doesn’t hurt to prepare a punch for your guests to imbibe as well. Altschul recommends one of her family recipes for General Lee’s Artillery Punch. (One of her ex-husbands is reportedly related to Robert E. Lee.)

When it comes to food, Altschul has three rules: “nothing that’s squishy, drippy or red.” Food and drink stations should be set up around the house, “because you want flow, and you don’t want a bottleneck anywhere.” Her favorites include ham biscuits, crustless tea sandwiches made with pimento cheese and shrimp paste, deviled eggs, and a shrimp tower. Altschul orders from Hamby Catering in Charleston.

“It’s not that expensive. It’s not like you’re having caviar,” she says.

Food tip: Hamby Catering uses housemade buttermilk biscuits, Carolina pitsmoked ham and creamy Carolina mustard for their treats. Mimic their creation with biscuits (purchased from your local bakery or make them at home with a pre-made dough such as Pillsbury’s) and your favorite ham and mustard. Serve them in tiny squares — and be sure to remove the crust!Anne WermielDessert: In the spirit of the Kentucky Derby, Altschul says, “I make sugar cookies in the shape of a horse.” And for good luck, she adds horseshoe treats. Re-create the magic at home by purchasing horse-shaped cookie cutters from Sur La Table (75 Spring St.; surlatable.com) to use with your favorite sugar cookie recipe.Anne Wermiel (2)

But Altschul’s favorite treat is dessert. “I make sugar cookies in the shape of a horse and I frost them with the colors of my favorite,” says Altschul (though she says she doesn’t have a favorite competing in this year’s race). “I have little bags of them at the door for people to take when they leave, and I’ll have a big platter of them at one of the stations.”

Don’t assume that paper napkins will do the trick for cleaning up spills. Linen napkins are the way to go.

Keep the pony accessories to a minimum, though, or you could be in danger of making it “kitschy,” Altschul warns. In fact, all she really recommends when it comes to décor is vases of roses at the various food stations — a nod to the race’s nickname, the Run for the Roses.

Providing linen napkins (right) for your guests is a must. Altschul purchased hers from Leron (979 Third Ave.) over a decade ago, but you can rent on the cheap from BBJ Linen (390 Fifth Ave.; bbjlinen.com).Anne Wermiel (2)Horse and jockey motifs also add an equine touch to your tabletops. Horse-embellished plates are available locally at Beam (240 Kent Ave., Brooklyn; beambk.com). Altschul purchased her antique figurines from the estate of John Hay Whitney from Sotheby’s in 1999.Anne Wermiel

And if all else fails, Altschul has one last party trick up her sleeve: renting an industrial frozen-drink machine from a local catering company. Her personal favorite? Pomegranate margaritas.

“If you serve these, it doesn’t make any difference what kind of food you have. Two of those and they won’t care what they’re eating.”